BP sells some North Sea stakes to Taqa for $1.06B

LONDON--BP PLC (BP.LN) said Wednesday it agreed to sell its interests in a number of central North Sea oil and gas fields to TAQA, Abu Dhabi's national energy company, for 1.058 billion dollars plus future payments which, dependent on oil price and production, BP expects to exceed 250 million dollars.

MAIN FACTS:

-Assets include BP's interests in the BP-operated Maclure, Harding and Devenick fields and non-operated interests in the Brae complex of fields and the Braemar field.

-Sale is subject to third party and regulatory approvals; companies expect the sale to complete in 2Q13.

-BP expects to divest assets with a total value of $38 billion between 2010 and 2013

-Continues with a focused investment program in the U.K. and Norway, including planned capital spending of $10 billion over five years.

-BP shares at 0943 GMT down 1 pence or 0.23% at 430 pence valuing the company at GBP82.2 billion.

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